Oil sinks 1.1%, hurt by rising United States crude inventory, stronger dollar

Oil Drops With Stocks as Dollar Gains

Oil prices were pressured lower along with the equity market in the morning session on Friday after U.S. President Donald Trump announced steep tariffs on steel and aluminum imports. U.S. West Texas Intermediate crude CLc1 fell 90 cents to $63.01. Brent, the global benchmark, rose 54 cents, or 0.85%, to $64.37 a barrel.

"OPEC's level of compliance (with agreed production curbs) and the pace of US shale's output growth are likely to be the key fundamental price drivers in 2018", Ashley Petersen of Stratas Advisors said.

Crude oil prices slipped into negative territory during the previous session on anticipation of swelling US crude oil inventories.

The Organization of the Petroleum Exporting Countries (OPEC) will hold a dinner on Monday in Houston with USA shale firms, the latest sign of the producer group widening talks about how best to tame a global oil glut.

USA crude inventories have fallen more than 100 million barrels in 12 months to their lowest in three years.

Still, both benchmarks ended the week lower, snapping a two-week streak of gains, with US futures tumbling 3.62% during the week and Brent falling 3.98%. Crude prices remained under pressure from concerns that US production may be high enough to offset output cuts from OPEC and Russian Federation, he said. An early-week survey from commodity pricing group S&P Global Platts showed an expected gain of 2.1 million barrels of oil last week, while the American Petroleum Institute reported a gain of 933,000 barrels in US crude oil inventories. The dollar index hit a near six-week high yesterday following consumer inflation figures showing the largest gain in 12 months, Reuters reported. [FRX/] A strong dollar makes oil more expensive for buyers using other currencies.

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WTI Crude oil futures slipped earlier in the week, extending losses amid weak equities and rising U.S. crude oil inventories.

"The standoff "shale vs. sheikh" continues to frame the oil market, with the former again gaining the upper hand", Norbert Ruecker, head of macro and commodity research at Julius Baer, told Reuters.

OPEC's cut, which began a year ago, has nonetheless helped to boost prices from levels below United States dollars 30 seen in January 2016.

A market tilted toward the supply side eventually pushed the price of crude oil below $30 per barrel and members of the Organization of Petroleum Exporting Countries are working to drain the overhang on the global market through coordinated production cuts.

Producers are sticking to the cuts and an involuntary drop in Venezuelan output has further boosted compliance.


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